The Minister of Finance, Mrs Kemi Adeosun, on Wednesday in Abuja said N420 billion was shared in October among the Federal, States and Local Governments.

Adeosun told newsmen that same amount was shared in September.

She said that N6.3 billion was refunded to the federal government by Nigerian National Petroleum Corporation (NNPC).

The net statutory allocation is N197 billion while Value Added Tax (VAT), is N69.6 billion, an increase of N5.35 billion from the previous month.

She said that there was exchange gain of N37.3 billion while excess Petroleum Profit Tax (PPT) was N109.1 billion.

Adeosun said the Federal Government received N96.67billion, representing 52.68 per cent while states got N49billion, representing 26.72 per cent.

The local governments, she said, received N37.8 billion, amounting to 20.60 per cent of the amount distributed.

She said N13.5 billion, representing 13 per cent derivation revenue was shared among the oil producing states.

For distribution from VAT, she said that the federal government got N10 billion representing 15 per cent while the states got N33.4 billion representing 50 per cent and the local government councils got N23.3 billion representing 35 per cent.

Adeosun also said that during the month under review, the country generated N140.2 billion as mineral revenue and N98.5 billion as non-mineral revenue, showing a decrease of N41 billion from both sources.

The minister also said that the Excess Crude Account stood at 2.4 billion dollars.

She noted that there was a decrease in crude production in August which was one of the months the nation had very challenging situations in the Niger Delta.

She said that 950 barrels per day (bpd) was shut-in and that the impact was being felt on revenue.

“Of course the situation in the Niger Delta continues to affect us but we are working to resolve it, we are confident that we will gather production volumes back up as quickly as possible.

“The large driver of the lack of growth is the oil sector which is down by minus 22 per cent.

“The situation is being addressed and we are now of course seeing production volumes coming back up and we are confident that that progress will be continued.’’

She, however, said that there was growth in the agriculture and solid minerals sectors “which is very encouraging.," she added.

Adeosun said the rate at which the economy was declining was slowing down.

She said that it was encouraging and that the federal government will continue to watch and look for areas to provide far more fiscal stimulus to get growth back.

She said that it was clear from the figures from the National Bureau of Statistics that the manufacturing sector was the most challenged and that unavailability of foreign exchange was responsible for that.

She added that the sector would benefit from more consistency of foreign exchange policy.

She said “On the fiscal side we are rolling out a number of measures that will support the manufacturing sector in terms of tax relief and other measures that would allow the balance sheet of the manufacturers to be repaired.’’

On debts owed contractors, she said the ministry was working with the Central Bank of Nigeria (CBN) to find a solution to the problem.

“Clearly, it is affecting the ability to get the economy going because if contractors are owed they cannot invest.

“It also affected our stimulus because when we released funds to contractors many of them found that they were not allowed access to the funds because they were already in overdrawn positions.

“So many of these hidden debts are significant and we are working very much in conjunction with the CBN and we have already consulted with the National Assembly on what we are proposing to do to solve the problem.’’

Some people suspected of armed robbery, theft and illegal possession of fire arms during their arraignment at the High Court of the FCT at Jabi in Abuja on Tuesday (15/11/16). It was alleged that the ten suspects conspired and robbed one Aluminium Company in Jabi and carted away materials worth Twenty-Five Million Naira.

Wife of the Governor of Plateau, Mrs Regina Lalong (R) celebrating her birthday with some children at the Internally Displaced Persons (IDPs) Camp in Jos on Tuesday

From left: Representative of the Minister of Budget and National Planning, Mr Eze Ezeilo; Managing Director, The Infrastructure Bank (TIB), Mr Adekunle Oyinloye; representative of the Director-General of ICRC, Mr Emmanuel Onwodi; and Faculty Member of TIB, Dr Bongo Ali, at the workshop on Capacity Development for the Implementation of the National Integrated Infrastructure Master Plan in Abuja on Tuesday

A cross-section of participants at the workshop on Capacity Development for the Implementation of the National Integrated Infrastructure Master Plan in Abuja on Tuesday

Members of “Occupy Unlimited Group” protesting at the gate of the National Assembly in Abuja on Tuesday

Members of “Occupy Unlimited Group” protesting at the gate of the National Assembly in Abuja on Tuesday

Ministry of Information Player (Yellow), strikes the ball, during a training Match between the Jet Striker Volleyball Club of Air Force Base Abuja and Ministry of Information and Culture Team in preparation for Federal Public Service Games (FEPSGA) in Abuja on Tuesday

Vice President Yemi Osinbajo (M) in a hand-shake with the Chairman of the occasion, Justice Umaru Abdullahi retired (R), at the 2016 Fellows’ Lecture and Conferment of Honorary Fellowship organised by NIALS in Abuja on Tuesday (15/11/16). With them is the former Chief Justice of Nigeria, Justice Dahiru Musdafa (L).

Participants at the 2016 fellows’ Lecture and Conferment of Honorary Fellowship organised by NIALS in Abuja on Tuesday

Customs Area Controller, Mr Tolutope Ogunkua showing a Bullion Van used in smuggling rice during a briefing in Ibadan on Tuesday

From Left: Rivers State Governor, Nyesom Ezenwo Wike and Service commanders inspect various arms and ammunitions recovered in the course of the Rivers State Amnesty Programme at the Government House , Port Harcourt on Tuesday

Vice President Yemi Osinbajo being decorated with the 2017 Armed Forces Remebrance Day Emblem by the National Chairman, Nigerian Legion , Col. Micah Gayya (Rtd) at the Launch of 2017 Armed Forces Remenbrance Day Emblem and Appeal Fund at the Presidential Villa in Abuja on Tuesday

Vice President Yemi Osinbajo with Ministers, Service Chiefs and members of the Nigerian Legion the Launch of 2017 Armed Forces Remenbrance Day Emblem And Appeal Fund at the Presidential Villa in Abuja on Tuesday

Gov. Muhammed Abubukar Bauchi State (L), presenting A farewell gift to the out-going commander, Nigeria Army Armoured Corps Bauchi, Maj-Gen. Idris Mohammed Alkali, during the Commander’s farewell visit to the Government House in Bauchi On Tuesday

Deputy Governor of Bauchi State Alhaji Nuhu Gidado (M), during 2016 National Productivity
Awards Day In Bauchi On Tuesday

From Left: Minister of Information and Culture, Alhaji Lai Muhammed; Minister of Industry, Trade and Investment Mr Okechukwu Enelamah and Minister of Interior, Lt.-Gen. Abdulrahman Dambazau, at the Federal Executive Council Meeting in Abuja on Wednesday

From Left: Minister of Solid Minerals, Dr. Kayode Fayemi; Minister of Finance, Mrs kemi Adeosun and the Minister of Women Affairs and Social Development, Sen. Aisha Alhassan, at the Federal Executive Council Meeting in Abuja on Wednesday

Medical Personal, Helen Solomon (L) conducting a test on a Child, during the free medical outreach to mark the birthday of wife of Plateau State Governor, Mrs Regina Lalong in Jos on Wednesday

Participants at the verification and reconciliation of revenue collections and remittances by the collecting banks on-behalf of Federal Inland Revenue Service (FIRS) and Nigeria Customs Service (NCS) meeting in Abuja on Wednesday

From Left: Chief of Staff, Alaji Abbah Kyari; Secretary to the Government of the Federation, Mr Babachir Lawal and Vice President Yemni Osinbajo, at the Federal Executive Council Meeting in Abuja on WednesdayPresidency

People conveying the remains of the 18th Sultan of Sokoto, Alhaji Ibrahim Dasuki for burial in Sokoto on Tuesday

Guests and relations at the burial of the 18th Sultan of Sokoto, Alhaji Ibrahim Dasuki in Sokoto on Tuesday

An Islamic cleric leading the funeral prayers for the 18th Sultan of Sokoto, Alhaji Ibrahim Dasuki in Sokoto on Tuesday

Ariyo Abdullahi of the Guns Football Club (Black Jersey) Contesting Ball with Bolaji Badmus of Lotus Football Club at the Twitter Premier League in Lagos on Tuesday

Director, International Sales, CBRNE Detection, Mr Michael Philips (L), explaining the operation of the Detection Equipment to the President of Easy Build Nigeria, Mr Kachi Abaribe, during a seminar on CBRNE Detection Technologies and equipment in Abuja on Wednesday

I-G P Ibrahim Idris (L) welcoming the Convener, Nigeria Unite Against Terror (NUAT), Dr Joe Okei-Odumakin, during her working visit to the I-G on the 2nd phase of training for the Federal Special Anti-Robbery Squad (FSARS) on Human Rights and Citizens Police, in Abuja on Wednesday

From left: The Accountant of Abuja Market Management Limited, Haruna Sa’adatu; Manager, Ibrahim Yahaya-Jeo, and President, Fire Officers Wives Association, Mrs Juliana Anebi, during a road walk and sensitisation of traders on ways to reduce fire accident as part of activities to mark the 2016 Federal Fire Service Week at Garki Modern Market in Abuja on Wednesday

An official of the Federal Fire Service demonstrating how to quench fire with Fire Blanket during a road walk and sensitisation of traders on ways to reduce fire accident as part of activities to mark the 2016 Federal Fire Service Week at Garki Modern Market in Abuja on Wednesday

From left: Chairman, House of Representatives Committee on Pension, Rep. Hassan Adamu-Shekarau; Executive Secretary, Pension Transitional Arrangement Directorate (PTAD), Mrs Sharon Ikeazor; and a member of the Committee, Rep. Muhazu Lawal, during an Oversight Visit by the Committee to PTAD, in Abuja on Wednesday

Executive Secretary, Pension Transitional Arrangement Directorate (PTAD), Mrs Sharon Ikeazor (L) leading members of the House of Representatives Committee on Pension round venue of Pensioners’ screening during the Committee’s oversight visit to PTAD, in Abuja on Wednesday

Staff of Nigeria Railway Corporation (NRC) during their first meeting of the Managing Director, Mr Fidet Okhiria at the NRC headquarters in Lagos on Wednesday

Adamawa State PDP Chairman, Alhaji Abdurahman Bobboi (L), presenting a paper to the state Commissioner of Police, Mr Musa Kimo, during his visit to the Commissioner in Yola on Wednesday

Participants at a Seminar on CBRNE Detection Technologies and Equipment in Abuja on Wednesday

From left: Former Governor of Abia state, Dr Orji Uzor Kalu; Women Leader, South East, All Progressive Congress (APC), Mrs Sally Chinedu and the National Chairman of APC, Chief John Odigie-Oyegun, during the visit of Dr Orji Uzo Kalu to APC Secretariat in Abuja on Wednesday

From left: Former Governor of Osun State, Prince Olagunsoye Oyinlola; Former Governor of Abia State, Dr Orji Uzor Kalu; APC National Chairman, Chief John Odigie-Oyegun and the APC National Vice Chairman, South, Chief Segun Oni, during the visit of Dr Orji Uzo Kalu to APC Secretariat in Abuja on Wednesday

Turkish Ambassador to Nigeria, Mr Hakan Cakil (L), with the Senior Special Assistant to the President on Foreign Affairs and Diaspora, Mrs Abike Dabiri-Erewa, during the ambassador’s visits to the SSA, in Abuja on Wednesday

From Left: Representative of Director, Rural Employment Promotion, National Directorate of Employment (NDE), Mr Jibrin Gunda; District Head, Kwadon, Gombe State Alhaji Muhammad Abubakar and Director, NDE Gombe State Alhaji Ibrahim Audu at the inauguration of Training for 50 Youths at Kwadon community of Yamaltu/Deba LGAs under the Off-Season Agricultural Production Training Scheme on Wednesday in Gombe.

District Head, Kwadon, Gombe State Alhaji Muhammad Abubakar with Officials of National Directorate of Employment (NDE), at the inauguration of Training for 50 Youths at Kwadon community of Yamaltu/Deba LGAs under the Off-Season Agricultural Production Training Scheme on Wednesday in Gombe